Spike in Payrolls Causes Surge in Major Indices (MU,EL)
A slew of positive economic data came out today, sending major indices up over 1 percent, and the Nasdaq over 1.5 percent. The primary driving force behind the rally was the Labor Department report that unemployment had dropped to 8.3 percent, with the biggest increase in net jobs added in nine months. The Commerce Department also reported that December manufacturing orders were up 1.1 percent, on the heels of a 2.2 increase in November. This puts together the picture of an economy in recovery, albeit a gradual recovery. In more somber news, the CEO of Micron Technology (MU) died in a small plane crash, the company reported today. Estee Lauder (EL) reported a 15 percent increase in net sales in Q2.
Word on the Street
- The Labor Department reported a big dip in the unemployment rate in January.
- The Commerce Department also announced that manufacturing orders were up in December.
- The US auto industry is also showing signs of life.
- Steve Appleton, CEO of Micron Technology (MU), died tragically in a plane crash today.
- Estee Lauder (EL) showed strong Q2 results.
Published on Feb 3, 2012By InvestorGuide Staff